State Street Global Advisors’ chief gold strategist discussed the potential of gold as an alternative to cryptocurrencies.

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State Street Global Advisors, known for running the world’s largest gold exchange-traded fund (ETF), disagrees with the notion that cryptocurrencies can rival gold as a long-term strategic asset.

According to the firm’s chief gold strategist, George Milling-Stanley, he expressed concerns on CNBC’s “ETF Edge” program that the high volatility of cryptocurrencies makes them unsuitable for investors seeking wealth protection over time.

George Milling-Stanley, the chief gold strategist at State Street Global Advisors, stated that the volatility of cryptocurrencies undermines their assertion of being a long-term strategic asset that can compete with gold.

As sponsors of SPDR Gold Shares, the world’s largest physically-backed gold ETF with over $57 billion in assets as of last week, State Street Global Advisors remains firm in its stance.

Milling-Stanley emphasized the advantages of gold, citing its 6,000-year history as a monetary asset. He pointed out that gold has proven to be a reliable hedge against inflation, stock market downturns, and depreciation of the dollar.

According to him, throughout history, gold’s promises to investors have significantly enhanced the returns of a well-balanced portfolio.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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